Another Brexit delusion

Some experts have also raised the possibility that the British government could seek to save the financial sector by making the City more attractive as an offshore haven, Nelson D. Schwartz and Patricia Cohen report in The New York Times. “This could lead to London becoming even more like the Cayman Islands and other British territories, skirting around regulations, in a race to the bottom for the financial sector,” Adam S. Posen, a former member of the rate-setting committee at the Bank of England and now president of the Peterson Institute for International Economics in Washington, said. “This potentially could leave pretty big holes in the financial safety net.”